If goods were free, a rational consumer would consume
An infinite amount of each good
The amount where marginal utility became zero
The same amount as when each good had a price
The amount where marginal utility was the highest
Correct answer is D
No explanation has been provided for this answer.
A commodity is said to have a derived demand when the commodity
And another have joint demand
Is demanded because of what it can help to produce
Is demanded for different purposes
Has inelastic demand
Correct answer is B
No explanation has been provided for this answer.
The output at which total revenue equals total cost is known as
Profit-maximizing output
Break even level output
Loss-minimising output
Least-cost output
Correct answer is B
No explanation has been provided for this answer.
Total fixed cost measures the cost of
All plant and machinery
All assets where quantity cannot be varied in the short run
All assets upon which the firm has control
Property owned by the firm
Correct answer is B
No explanation has been provided for this answer.
The assumption of profit maximization implies profit
Is the most important consideration of the firm
Is the sole consideration of the firm
Assumes an insatiable propotion in the instinct of management
Is made in other to break-even
Correct answer is A
No explanation has been provided for this answer.